The Securities House Company’s Board of Directors have met on Wednesday dated 13/04/2016 at 1 p.m, and the following was resolved:
1) The Board of Directors have approved the financial statements for the year ended 31 December 2015.
2) The Board of Directors have recommended not to distribute dividends for the year ended 31 December 2015
3) The Board of Directors have resolved and proposed the following to the parent Company’s shareholders on records as of the date of the general assembly
– Cancellation of all 25,500,000 treasury shares outstanding as at 31 December 2015 with a net cost amounting to KD 7,641,521 that will be deducted from Company’s share capital
– Writing off accumulated losses balance as at 31 December 2015 amounting to KD 8,104,229 that will be deducted from Company’s share capital
– Capital cash reduction of 6.5% of the total outstanding share capital at 100 fils per share, consequently a total number of 42,542,500 shares equivalent to KD 4,254,250 will be canceled and reduced from Company’s share capital.
Accordingly, the Company’s share capital will reduce from KD 68,000,000 to KD 48,000,000.
The restructuring and share capital reduction mentioned above will apply to the registered shareholders on the day preceding the share price adjustment in Kuwait Stock Exchange after the completion of share capital reduction disclosure procedures.
This proposal is subject to the approval of the CMA and the extraordinary general assembly of the shareholders of the Parent Company.
